If you have come here, you are most likely thinking of starting your own business mastermind group. Well, if that is so, then you have come to the right place.
To begin with, it makes sense to mention that the concept of mastermind groups was first introduced by Napoleon Hill in his book called “Think and Grow Rich“. In the book, he explained that “The coordination of knowledge and effort between two or more people who work towards a definite purpose in a spirit of harmony… No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind”.
Having been a part of other people’s mastermind groups and even led one of my own, I can say with all honesty that it is the most effective and quickest way to educate yourself and become an expert in some field. No other type of education can stand even close to a group of motivated, like-minded people that are working towards a definite purpose in a spirit of harmony.
Now, let’s get into the nitty-gritty of what it means to have your own business mastermind group.
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What is the purpose of your business mastermind group?
When in the process of creating a business mastermind group, the very first thing that you should be asking yourself is: “why am I doing this?”
Now, I am sure that if you have decided to start your own group, then you kind of already have an idea why you want to do it. You may be thinking of things such as:
- making more money and being able to work from home
- creating new connections with like-minded people
- feeling the need to give back and share your wisdom
- wanting to learn from others in the field
Regardless of whether you want one of the above or all, the goal is to understand what exactly you are after. Knowing your cause, the purpose, will allow you to see the bigger picture, which will help you figure out all of the other details of your future group.
Remember, you want to be strategic about your business mastermind. Once it has been created, you can’t go on switching things around.
Identify your tribe
Who will your group members be, the tribe?
Think of the people that you want in and ask yourself a few very important questions.
What type of business should the members own?
If you already know what the purpose of the group is, then it won’t be difficult to answer this question. Do you want your business mastermind group around one particular type of business, or will it be about all business in general?
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How experienced should they be?
How experienced should the members be in business? Do you want them to be total beginners? Do you want people that have owned a business for at least 5 years and are earning 200k annually? Or do you want only the best of the best?
In any case, whatever your choice will be, create some criteria so that you know who exactly you are looking for.
How many members do I want per group?
This one is simple. I would recommend to not take too many people at once, as it will get too messy and simply too hard to coordinate. Again, be strategic about it. If you feel like you want a lot of people in the group, rather break them up into a few smaller groups that you work with on different days. Although, this is totally up to you.
Where will I find the tribe?
From experience, I can tell you the following.. if you are thinking of creating a free mastermind group, which consists of beginners, you can do what I did…
The easiest thing to do is to visit Reddit’s mastermind subreddit and to look for members there. There are many other similar subreddits as well.
Alternatively, you can look for members on Quora, Facebook groups and other forums.
However, if you are planning to make an expensive mastermind, then it is highly likely that you will need to find sources other than Reddit and Quora. Using Facebook ads to attract people could be one option.
Get into the details of your mastermind group!
Now that you know the purpose of the group and out of whom your tribe will consist, time to get into some more details.
How often will you hold meetings and for how long?
You can have meetings weekly, once in two weeks, once a month, once every 3 months, etc.
I have heard of “luxury” mastermind groups that sell memberships for a fortune. Their members gather once every half a year, but they do it in person. That means that the members have to fly over to the mastermind meetings regardless of where they live.
In my case, I held meetings every two weeks online through Skype. Having a gap of two weeks between the meetings was optimal in my opinion.
Who will lead the meetings?
You can be the head of the mastermind, always leading the group, but you don’t have to.
Many mastermind groups don’t have one single person always in charge. Instead, members take turns in leading the group. In a way, this is a great approach because the meetings will always be different, depending on who is the one that is directing it on that specific day.
Homework
One other thing to decide on advance is the homework. What kind of homework will there be? Will it be the same for everyone or different for each member? What will the punishment be if someone doesn’t complete their tasks?
How much will you charge?
Earlier I mentioned that if you hold a free business mastermind group, then you can probably find your tribe through websites like Reddit or Quora.
In my case, my mastermind group had no fee. While this was a good place to start from, I quickly noticed that the members would not do their homework and would also skip the meetings without informing me. On some occasions, I was totally alone. Of course, this was not fair towards me.. soon enough, I decided to close the group.
In other words, if you don’t charge any money from the members upfront, the level of accountability will be low. In other words, “why try hard if I ain’t losing anything, right?” That’s the kind of mindset you can expect from a lot of the members, if not all. I say this from experience.
I highly recommend that you charge at least something just so that the members would take the group more seriously.
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If you do decide to charge, especially if the amount is significant, be prepared to work harder on the marketing of your group. You will most likely need to have a website of your own and some kind of landing page to which the potential members will be directed to in order to join and pay for their membership.
Also, will your meetings be in person or online? If it’s the latter, will you be using Skype, Zoom or something fancier? Think about it.
Final question – is your experience sufficient?
Before I end this blog post, there is one more question that I want you to ask yourself: “do I have enough experience to do it on my own?”
If you have held plenty of mastermind groups and have come here just for some inspiration, great. There is nothing more I can add at this point.
However, if you’ve never done this before and you think that you will have a hard time starting your own business mastermind group, then you have two options:
1. You first join someone else’s mastermind group to see how it works. Once you feel comfortable enough to start your own, you leave the group and start your own business mastermind.
2. You read blog posts like this. After that, if you still feel like you don’t understand everything, but you want to start a group anyway, find a mentor or a coach to help you with it. This is, by the way, a very common approach towards learning any new skill – if you don’t know how to do something, you learn it from those that do.
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In conclusion, I truly hope that you found this blog post useful. If you have any questions for me, feel free to leave them down in the comment section below.
Click To TweetFormal education will make you a living; self-education will make you a fortune. – Jim Rohn
This is how self-education has changed my life. Thank you for stopping by and good luck!
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